Celent Securities & Investments Newsletter, March 2011

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11 March 2011

New York, NY, USA

From the Senior Vice President

It goes without saying that the financial crisis changed the landscape, but it is worth noting that even areas that have been the most stable, by choice and by definition, are now seeing crucial changes. The Target 2 Securities implementation could decrease the value of the European post-trade business by fostering large institutions to self-clear, and could simultaneously increase the level of competition among post-trade services providers. Custodians are clearly moving toward front or middle office services. This is the topic of a webinar I presented on March 10.

Custodians were on the agenda when Celent gathered with clients and distinguished guests in London in January. The presentation and more information about the event are available on our website. This event provided insights on the changes, how custodians are adjusting, the likely winners, and what customers can expect.

The most dramatic changes, everyone agrees, will be new market regulations. What the industry terms "Basel III' is upon us, as well as Solvency II in insurance, and the Dodd-Frank Act in the US. Governments around the world have decided more is more in terms of regulations, and financial services firms should be determining the nature and scope of their responses now, not when the final regulations emerge.